Admiral 2017 Half Year Results - Admiral Group plc
Admiral 2017 Half Year Results
16th August 2017
Introduction
David Stevens, Group CEO
Group overview
Geraint Jones, Group CFO
UK Insurance
Cristina Nestares, UK Insurance CEO Lorna Connelly, UK Head of Claims
Price Comparison
Andrew Rose, CEO
International Insurance
Milena Mondini, European Insurance CEO
Wrap up
David Stevens, Group CEO
Q&A
All
Highlights
Customers
5.46m
13% H1 16: 4.82m
Turnover1
?1.45bn
15% H1 16: ?1.26bn
Profit before tax2
?195m
1% H1 16 : ?193m
Solvency ratio3
214%
19% H1 16 : 180%
Earnings per share
xx% 57.3p
3% H1 16 : 55.9p
Return on equity5
55%
10% H1 16 : 50%
Interim dividend per share
10% 56.0p
H1 16 : 51.0p4
Note: (1) Turnover comprises total premiums written plus other revenue. (2) Profit before tax adjusted to exclude
16th August 2017
minority interest share. (3) Refer to slide 9. (4) H1 2016 interim dividend adjusted to exclude return of surplus capital.
2
(5) Restated.
Continued growth across the Group
Turnover
Customers
UK Car Insurance
UK Household Insurance
9% ?1,083m
H1 16: ?993m
37% ?48m
H1 16 : ?35m
7% 3.77m
H1 16 : 3.52m
43% 548k
H1 16 : 382k
International Insurance
40% ?222m1
H1 16 : ?159m
27% 961k
H1 16 : 758k
Price Comparison
14% ?73m
H1 16 : ?64m
Note: (1) Local currency turnover up 30% for Europe and 17% for US H1 17 vs H1 16
16th August 2017
3
Group overview
Geraint Jones Group CFO
Analysis of half year profit
Group profit before tax1
?186m
?193m
?195m
118%
117%
116%
-2%
-1%
2%
-6%
-7%
-5%
-10%
-9%
-13%
H1 2015
H1 2016
H1 2017
Price Comparison
UK Insurance
International Car Insurance Other Group Items
UK Insurance profit up slightly to ?226m: Stable UK Car Insurance profit of ?224m (v ?223m) Increased UK Household profit at ?1.6m up from
?1.2m
International Insurance loss reduced to ?10.1m from
?12.9m (significantly reduced US loss)
Price Comparison result improved to ?3.1m profit from
?1.1m loss (improved result, partly offset by lower profit)
Other includes business development, share scheme
and debt servicing costs. Main changes:
Business development costs at ?5.9m v ?2.2m
(notably Admiral Loans costs)
Share scheme charges ?16.9m v ?14.7m (increase
mainly due to headcount growth)
Note: (1) Profit before tax adjusted to exclude minority interest share.
16th August 2017
5
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